Fair Value: €10.4 – – – – – Rating: Neutral First outlook on FY26/27 Südzucker’s first preview on FY 26/27 comes in slightly below our estimates. Against this background we have further reduced our price assumptions for the Sugar segment. However, we still anticipate some loss reduction here and thus arrive at the high end of the new group EBITDA guidance. This brings us to a fair value of EUR10.4. Though this yields an upside of almost 15% from the current share price we stick to our Neutral rating in view of the remaining uncertainties.